Glass half empty? There may be some short term pain but failing to highlight the commitments that Trump has secured for US manufacturing is a huge miss. Moving jobs from the government sector to the private sector is an enormous win! The cost savings from Doge, deregulation, tax cuts and reduced government spending will have an incredible impact on our economy. It may not happen overnight but it is infinitely better than the house of cards that Biden built
The headlines are not yet translated into jobs. They are not yet even translated into plans for jobs.
The Employment Situation Summary necessarily focuses on the most recent month's data. This is the monthly snapshot of where employment is currently in the United States.
Where employment in the US is currently is not a good place. That is what the data communicates.
When the impacts from DOGE and all the rest percolate into the Employment Situation Summary, there is good reason to believe the effects will be beneficial. However, that has not happened yet.
And then there was President Carter, who ruined my dreams! During the “energy crisis” years of the 70s, everyone from the President on down was screaming that America had to find more oil or we were toast. It was the “climate change” crisis of its time - “we’ve only got about ten more years before we run out of oil!”. Turned out to be nonsense, of course, but, being a patriotic and ambitious young person I switched my major to geological engineering/exploration. I was going to single-handedly solve the nation’s energy crisis. Carter messed with the free-market mechanisms of supply and demand, intervening with incentives to drill deeper, etc. The oil and minerals exploration industry went sky-high - then bust. I, of course, graduated into the bust. None of the geology mining, or the exploration students from my class got jobs, and most the previous two years worth of grads were laid off. President Carter screwed the whole industry up in his ‘government jobs program’.
So you’re right as usual, Peter. Government should just stay out of it!
Monday-morning-blues kind of data. There must be some sector of the economy where Trump could invest to get quick returns, but I’m not seeing where. Manufacturing, retail, and other sectors have ramping-up times of many months. Peter, do you see any kind of tech, such as AI, that could quickly produce jobs or increases in productivity if Trump could offer incentives?
Glass half empty? There may be some short term pain but failing to highlight the commitments that Trump has secured for US manufacturing is a huge miss. Moving jobs from the government sector to the private sector is an enormous win! The cost savings from Doge, deregulation, tax cuts and reduced government spending will have an incredible impact on our economy. It may not happen overnight but it is infinitely better than the house of cards that Biden built
The headlines are indeed quite promising.
The headlines are not yet translated into jobs. They are not yet even translated into plans for jobs.
The Employment Situation Summary necessarily focuses on the most recent month's data. This is the monthly snapshot of where employment is currently in the United States.
Where employment in the US is currently is not a good place. That is what the data communicates.
When the impacts from DOGE and all the rest percolate into the Employment Situation Summary, there is good reason to believe the effects will be beneficial. However, that has not happened yet.
President Trump definitely inherited a very shaky economy, which we all knew, and the prior administration skewed the numbers.
There’s going to be economic pain for quite some time before we get relief.
The people I see online complaining that food prices have not come down since he took office just make me roll my eyes.
Seriously!?
The Biden White House did everything they could to destroy the economy.
It can’t be fixed overnight.
I thank the Lord every day that Harris was not elected. Our country would have ceased to exist as we know it.
Thank you Peter,for your terrific work!
Thank you for your kind words. I'm glad folks find my work valuable.
Obama promised thousands of "shovel ready" projects and jobs when he was first elected. That turned into an utter farce.
FDR tried to goose employment with the New Deal, and saw employment crash all over again when he tried to withdraw the programs in 1937.
Nixon's meddling in the workplace in 1971 very nearly crashed the US economy.
The reality is there is very little the government can do to stimulate job creation, and even less that it should do.
And then there was President Carter, who ruined my dreams! During the “energy crisis” years of the 70s, everyone from the President on down was screaming that America had to find more oil or we were toast. It was the “climate change” crisis of its time - “we’ve only got about ten more years before we run out of oil!”. Turned out to be nonsense, of course, but, being a patriotic and ambitious young person I switched my major to geological engineering/exploration. I was going to single-handedly solve the nation’s energy crisis. Carter messed with the free-market mechanisms of supply and demand, intervening with incentives to drill deeper, etc. The oil and minerals exploration industry went sky-high - then bust. I, of course, graduated into the bust. None of the geology mining, or the exploration students from my class got jobs, and most the previous two years worth of grads were laid off. President Carter screwed the whole industry up in his ‘government jobs program’.
So you’re right as usual, Peter. Government should just stay out of it!
Monday-morning-blues kind of data. There must be some sector of the economy where Trump could invest to get quick returns, but I’m not seeing where. Manufacturing, retail, and other sectors have ramping-up times of many months. Peter, do you see any kind of tech, such as AI, that could quickly produce jobs or increases in productivity if Trump could offer incentives?